Jim Cramer Is Watching Macy's as it Posts Q2 Results Wednesday

TheStreet's Jim Cramer is keeping an eye on Macy's as the department store sets to release its latest quarterly results Wednesday. The retailer will report its fiscal second quarter earnings before the opening bell. Cramer notes that last month, at the Delivering Alpha conference in New York, hedge fund Starboard Value indicated that Macy's may be open to doing some sort of buy out. Cramer points out that the stock was at $67 when Starboard said this, then it shot to $72. Now, ahead of its earnings release, it's back at $67. Cramer says that Macy's 'has had a problem because a strong dollar has meant there aren't as many tourists coming to their main store at Herald Square.' But Cramer thinks this may be a moment where you can buy it after it reports because 'it tends to be able to print a number that people don't like, gets hit, maybe you buy it at $65, and then you start digging in your heels.'